Investor comments on ABB

As announced today, ABB will divest the majority of its Power Grids division to Hitachi Ltd. As ABB’s largest shareholder, Investor fully supports this transaction.

“As a long-term, engaged owner, we focus on what we believe is best for each individual company, supporting them to become and stay best-in-class. This includes continuously evaluating, and if needed, adapting the corporate structure.

We have supported the ABB board and management’s decision, and execution, on its strategic direction, not the least the transformation of Power Grids. Over the past years, the division’s performance has improved in terms of higher quality, higher margins as well as reduced project risks, creating long-term value. We fully support the board’s decision on the next step. The divestiture of Power Grids to Hitachi is industrially logical, takes place at the appropriate time and allows ABB to focus on its automation and electrification businesses”, comments Johan Forssell, President and CEO of Investor.

In addition, ABB today also announced a new organizational structure.

“We fully support the organizational changes announced today. We are confident that simplification and decentralization, with a high degree of delegation of responsibility and accountability, are necessary steps to further improve ABB’s performance. Having strengthened our ownership position over the past few years, we will continue to work actively to support ABB in its long-term value creation”, says Johan Forssell.

Investor is ABB’s largest owner, holding 10.7 percent of the capital and votes.

Investor, founded by the Wallenberg family a hundred years ago, is the leading owner of high quality Nordic-based international companies. Through board participation, our industrial experience, network and financial strength, we strive to make our companies best-in-class. Our holdings include, among others, ABB, Atlas Copco, Ericsson, Mölnlycke and SEB.

Proceeds from the sale will be used to reduce Emera corporate level debt and support Emera’s capital investment opportunities within its regulated utility businesses

Increases Carlyle’s New England power generation portfolio by 1,100 megawatts

Transaction is expected to close in first quarter 2019

HALIFAX, Nova Scotia – Emera Inc. (TSX:EMA) has agreed to sell its three natural gas-fired generation facilities in New England, known as Bridgeport Energy, Tiverton Power and Rumford Power, to an affiliate of The Carlyle Group for US$590 million (C$780 million). Together, the facilities have the capacity to generate approximately 1,100 MW.

“This transaction, part of the three-year funding plan we introduced during our third quarter earnings results, increases Emera’s financing flexibility to capitalize on our regulated growth opportunities today and in the future,” said Scott Balfour, President & CEO of Emera. “Our New England facilities delivered solid financial results during the five years of our ownership, and distinguished themselves with industry leading safety and operational performance. I want to thank our dedicated teams whose expertise and commitment produced those achievements. The Carlyle Group is highly regarded in the industry and well positioned to lead these facilities to continued success.”

Matt O’Connor, Carlyle Group Managing Director and Head of Carlyle Power Partners, said, “Through this acquisition, Carlyle Power Partners will increase its generation capacity in the attractive New England market, making us one of the largest owners of power generation facilities in the region. We look forward to leveraging our existing market knowledge to create additional value for Bridgeport Energy, Tiverton Power and Rumford Power, building on their already strong track records of operational excellence.”

Cogentrix, The Carlyle Group’s management platform in the power generation space, will assume asset management, operations and maintenance and energy management responsibilities for the portfolio. Cogentrix currently manages Carlyle Power Partners’ fleet of power plants in the Northeast U.S. totaling approximately 1,400 megawatts, and will bring its management best practices to the portfolio.

The transaction is subject to the regulatory approvals of the United States Federal Energy Regulatory Commission, and under the provisions of the Hart-Scott-Rodino Antitrust Act, and is expected to close in first quarter 2019.

J.P. Morgan served as Emera’s financial advisor on the transaction.

* * * * *

About Emera Inc. Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $30 billion in assets and 2017 revenues of more than $6 billion. The company invests in electricity generation, transmission and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F. and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.

About The Carlyle GroupThe Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

Forward Looking InformationThis news release contains forward-looking information within the meaning of applicable securities laws with respect to, among other things, the completion of the sale of Bridgeport Energy, Tiverton Power and Rumford Power. The words “anticipates”, “believes”, “budget”, “could”, “estimates, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “schedule”, “should”, “targets”, “will”, “would” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information includes, but is not limited to, statements regarding (i) the risk that Emera may be unable to obtain governmental and regulatory approvals required for the proposed sale; (ii) the risk that other conditions to the closing of the proposed sale may not be satisfied; and (iii) the timing to consummate the sale. There can be no assurance that the proposed sale will be completed, or if it is completed, that it will close within the anticipated time period. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including its Annual Information Form, annual and interim Management’s Discussion and Analysis, and in the notes to Emera’s annual and interim financial statements, which filings can be found on SEDAR at www.sedar.com.

Port operations, the forest industry and the energy sector form a close-knit union in Kymenlaakso. In the coming years, the clusters’ investments will rise to even hundreds of millions of euros. The EUR 100 million LNG terminal being built in Hamina is Wärtsilä’s and its partners’ investment in new energy technology.

The ports of Kotka and Hamina merged their operations seven years ago. This strengthened HaminaKotka’s position as Finland’s largest general port, and now 18 per cent of Finnish exports of goods pass through the port.

Nearly 17 million tonnes of goods leave from or arrive in HaminaKotka this year. The forest industry accounts for approximately 40 per cent of this.

After a long time, investments are also increasing. According to Kimmo Naski, CEO of the Port of HaminaKotka, investments started two years ago.

“At the moment, the ongoing projects include the construction of the largest pulp centre in the Nordic countries in Mussalo, Kotka, and the giant module and LNG projects in Hamina. There is also the Nord Stream 2 gas pipeline project under way in Mussalo, with HaminaKotka as its central port,” says Naski.

The total value of all the investments approaches EUR 200 million. Markus Laakkonen, Finnvera’s Regional Director of Southern Finland, speaks about the rise of traditional industry in Kymenlaakso.

“Even ten years ago, the atmosphere was completely different, with paper mills being closed down. The forest industry has undergone a major transformation. UPM is currently planning to build a new biorefinery in Kotka. Upon realisation, it would be a billion-class project,” notes Laakkonen.

A close-knit network of enterprises has emerged around the Port of HaminaKotka, consisting of enterprises operating in the forest industry, the chemical industry and the energy sector as well as small-scale industry and subcontracting chains.

Merely in the port area, there are approximately 170 enterprises, and the cluster employs, directly and indirectly, 7,000 people. When the forest industry is included, the impact on employment multiplies.

“Subcontracting enterprises have many investment projects under way. Now it’s time to replace machinery and equipment. In addition, the number of transfers of ownership is increasing,” says Laakkonen.

Getting the LNG infrastructure in order

During the past few years, LNG, or liquefied natural gas, has adopted a more prominent role especially in ship traffic. The main owners of the LNG terminal being built in Hamina are Hamina Energy Ltd and the Estonian enterprise Alexela. The terminal supplier Wärtsilä is a minority investor.

Tuomas Haapakoski, Director, Financial Services at Wärtsilä, says that one of the background factors for the popularity of LNG is the fact that emission limits are becoming stricter. A global sulphur limit will enter into force in ship traffic in 2020.

“LNG is also linked with electricity generation and consequently with Wärtsilä’s gas power plants as LNG is storable energy. The role of gas power plants is changing as the share of renewable energy, such as solar and wind power, increases in electricity generation. Renewable energy needs to be complemented with flexible load following power that can be taken into use quickly, using cleanly burning natural gas,” comments Haapakoski.

According to Haapakoski, the terminal includes a 30,000-cubic-metre storage tank where liquefied natural gas is received from a ship. From the terminal, LNG is delivered to clients with lorries and ships or re-gasified and delivered via the natural gas network.

The total terminal investment amounts to approximately EUR 100 million. The Hamina terminal is Wärtsilä’s third LNG terminal project in Finland. The other two are in Tornio and Raahe.

“It’s all about building the basic LNG infrastructure in Finland, a project we want to be involved in. The terminals contribute to Wärtsilä’s strategy of making maritime traffic more environmentally friendly as LNG is low-emission ship fuel. We developed multi-fuel ship engines ages ago, but LNG distribution networks are only just developing,” explains Haapakoski.

The Export Credit Guarantee Act amended – investments in Finland

In financing the terminal investment, Wärtsilä and other owners took advantage of the amendment to the Export Credit Guarantee Act four years ago.

Before the legislative amendment, Finnvera could support Finnish enterprises by granting export credit guarantees and export credits for foreign projects. Now the export credit guarantee can also be granted for domestic projects if the investment promotes exports.

“I believe that this is useful for many enterprises. After all, foreign competitors offer export financing solutions also for projects to be carried out in Finland. It would have been a bad situation indeed if the selection of a domestic supplier had ruled out the opportunity of using export financing for investments in Finland,” notes Haapakoski.

Finnvera’s financial instrument for foreign investments goes by the name of the Buyer Credit Guarantee. It is a security that is granted for a credit received by the buyer and that protects the creditor, usually the bank, from risks related to repayment. Arranging the financing for the buyer helps the Finnish export company to secure the deal.

A similar guarantee arrangement for domestic investments is known as a Finance Guarantee.

“The Hamina terminal is an investment that promotes exports, in particular as LNG becomes more common as ship fuel. HaminaKotka is one of the largest ports in Finland, and it has many export companies as its clients,” says Riitta Leppäniemi, Finnvera’s Finance Manager.

According to Leppäniemi, there have been few financing projects of this kind in the last four years. The best-known of these is the bioproduct mill built in Äänekoski that was a billion-class investment.

FACTS: Kymenlaakso comes fourth

Kymenlaakso is the fourth largest export region in Finland after Uusimaa, Varsinais-Suomi and Pirkanmaa.

According to Customs’ statistics from last year, the region had nearly 350 export companies.

The forest industry is still essential for the region, and Southeast Finland is the largest forest industry cluster in Europe. In Kymenlaakso, there are many pulp, paper and board mills as well as sawmills.

The main logistics artery consists of the E18 motorway, Finland’s largest general port HaminaKotka and the rail network.

Last year, ships transported nearly 11 million tonnes of goods from the Port of HaminaKotka. This represented a year-on-year increase of 12 per cent. A total of 3.8 million tonnes of goods arrived in HaminaKotka.

Caption: This LNG tanker represents modern maritime traffic. The Hamina terminal is Wärtsilä’s third LNG terminal project in Finland. The other two are in Tornio and Raahe. “It’s all about building the basic LNG infrastructure in Finland, a project we want to be involved in” says Wärtsilä’s Director of Financial Services Tuomas Haapakoski.

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Iona Capital (“Iona”), a specialist investor in low carbon infrastructure has financed the construction and operations of a new 8.8MW anaerobic digestion plant located in Dumfries and Galloway.

The plant has pre-qualified under the Non-Domestic Renewable Heat Incentive (RHI) which was introduced in 2011 to incentivize the uptake of renewable heat in industry and businesses. Biomethane injection to grid is making a significant contribution in meeting the Government’s renewable heat targets.

The principal feedstock will be waste slurries generated from local dairy and beef farming operations, underpinning the plant’s compliance with OFGEM’s revised targets on sustainability.

The plant will have the capacity to generate 8.8MW of base load renewable energy which is sufficient to heat circa 7,000 households on an annual basis. The plant is being built by Bioconstruct GmbH, one of the leading European AD equipment suppliers. The biomethane will be upgraded into the local gas distribution network, controlled by Scotia Gas Networks.

The UK has set ambitious targets for renewable energy – 20% of the country’s energy generation by 2020 should be “green” power. Since its launch in 2011, Iona has financed 21 renewable energy projects in England, Scotland and Wales, all of which supply energy to the local grid networks. This latest project follows on from two earlier successful Biomethane to Grid projects completed in Scotland at Keithick and St Boswells. The three plants will have a combined capacity in excess of 20 MW and provide significant operational synergies.

Iona Capital’s main investment focus is within the Anaerobic Digestion, Energy-from-Waste and CHP sectors, and its investors in its LP3 Fund include a number of local authority pension funds.

Nick Ross, Director of Iona Capital said: “Creating a sustainable energy sector is a top priority for the UK and Iona’ s bioenergy projects provide both attractive commercial returns to investors as well as long term social and economic benefits to local communities and future generations.”

Combination of Esdec and EcoFasten Solar creates one of largest players in the residential and commercial sectors PHOENIX, ARIZONA – Esdec, a leading European solar rooftop mounting solutions provider, announced today that it has acquired EcoFasten Solar, an industry leader in the design, engineering and manufacture of water-tight solar roof mounts and components for the U.S. residential and commercial sectors. The combination of Esdec and EcoFasten Solar creates a major solar rooftop mounting player with 5GWs installed worldwide.

Esdec and EcoFasten Solar are both known for their innovative, quick-to-install, reliable mounting systems. EcoFasten Solar’s patented rail-less racking and mounting for multiple roof types have supported over 3 GWs of US installed, with the company projected to install just under 500MW in 2018. Esdec, the Netherlands’ largest mounting manufacturer with 1.9 GW of its systems installed across Europe, has seen increasing adoption of its FlatFix commercial flat-roof offering, fueling the company’s expansion into the U.S. market earlier this year.

“Esdec and EcoFasten Solar are a perfect fit,” said Stijn Vos, global CEO of Esdec. “Both companies have proven track records in launching differentiated products that serve the needs of installers and support them in their daily business. By combining these two customer-oriented forces, we are providing installers, distributors and the market with a very compelling, diversified product offering for both pitched and flat roof projects.” EcoFasten Solar founder and roofing expert Brian Stearns started his Phoenix-based company to bridge the gap between solar array designers and the people who install those systems. Brian will be instrumental in product development and utilizing the combined R&D resources of both companies to deliver even more efficient and reliable residential systems for the US.

“Esdec and EcoFasten Solar are cut from the same cloth,” he said. “We each have roots as roofers and solar installers and listen carefully to our customers’ needs, and we also share a relentless drive for innovation. I’m looking forward to helping the Esdec and EcoFasten brands reach the next level together, while focusing on what I love to do most?working closely with the installer community, developing new products, and bringing them quickly to the market.”

Esdec successfully launched its U.S. subsidiary at the Solar Power International trade show earlier this year and is ramping up operations from its Atlanta headquarters. In addition to the EcoFasten Solar line, Esdec’s U.S. product offerings include the FlatFix system, a lightweight, clickable solar mounting system for flat commercial and industrial roofs. Esdec also recently celebrated the opening of its new Innovation Centre in the Netherlands, where the staff will work closely with the EcoFasten Solar team to fast-track the research, development and commercialization of new racking and mounting products for the U.S. and European markets.

Closing of the previously-announced acquisition of Caprock Midstream reinforces EagleClaw’s position as the largest pure-play, privately-held Delaware Basin midstream business with comprehensive, multi-stream service capabilities

Investment by I Squared Capital, a leading global infrastructure investor, will provide capital to further accelerate EagleClaw’s growt

The additional concurrent acquisition of Pinnacle Midstream from I Squared Capital further augments EagleClaw’s best-in-class service offering, adding high-quality dedicated acreage, customers, and complementary natural gas gathering, processing, and crude storage assets in close proximity to EagleClaw’s existing system

Midland & Houston, TX, November 2, 2018 – EagleClaw Midstream (“EagleClaw” or the “Company”), funds managed by Blackstone Energy Partners (“Blackstone”), and I Squared Capital announced today that the parties have executed and concurrently closed binding agreements pursuant to which I Squared Capital has committed over $500 million of cash and contributed its Delaware Basin midstream portfolio company, Pinnacle Midstream, and become a partner in BCP Raptor Holdco, the parent company for EagleClaw. In addition, the parties announced the closing of EagleClaw’s previously-announced acquisition of Caprock Midstream. Proceeds from I Squared Capital’s investment, together with additional investments by Blackstone and EagleClaw’s management team, are being used to fund EagleClaw’s continued growth, including the expansion of EagleClaw’s system, the acquisition of Caprock Midstream, and the ongoing construction of the Permian Highway Pipeline.

The investment by I Squared Capital and the acquisitions of Caprock and Pinnacle further augment EagleClaw’s position as the leading privately-held midstream operator in the Permian’s Delaware Basin in west Texas. Pro forma for these acquisitions, the Company operates nearly 1,000 miles of natural gas, natural gas liquids, crude, and water gathering pipelines; over 1.4 billion cubic feet per day of processing capacity (pro forma the completion of one plant currently in construction); and crude and water storage and disposal facilities. In addition, EagleClaw now has nearly half a million acres in the core of the southern Delaware Basin under long-term dedication for midstream services. EagleClaw is also a 50% partner with Kinder Morgan on the Permian Highway Pipeline, an approximately $2 billion pipeline project designed to transport up to 2.0Bcf/d of natural gas from the Permian Basin to the Katy, Texas area, with connections to the Gulf Coast and Mexico markets. With the acquisition of Caprock Midstream and Pinnacle Midstream complete, the assets have been integrated into the EagleClaw system and now operate under the EagleClaw brand name. Today’s announcement is the next step in the overall Delaware Basin midstream consolidation as EagleClaw continues to grow and diversify its business.

Prior to the acquisition, Pinnacle was an independent midstream company providing natural gas gathering and processing and crude oil gathering services to producers in the Delaware Basin. Pinnacle operates approximately 100 miles of natural gas and crude gathering pipeline, approximately 30,000 Bbls of crude storage facilities, and a 60 MMcf/d natural gas processing facility. Pinnacle’s assets are located in close proximity to EagleClaw’s existing assets, providing a complementary asset footprint. Pinnacle serves several highly active producers, who have committed approximately 35,000 acres for long-term dedication of midstream services. The acquisition of Pinnacle by EagleClaw significantly benefits Pinnacle’s customers by enhancing flow assurance and reliability and providing additional flexibility for customers’ natural gas, crude, and NGL takeaway. Pinnacle is now a subsidiary of EagleClaw Midstream Ventures LLC. All field personnel of Pinnacle are being offered opportunities to remain with the company.

“The acquisition of Pinnacle, coming on the heels of our recent announcements of the acquisition of Caprock and our partnership on the Permian Highway Pipeline, is another exciting chapter in the continued growth story of EagleClaw,” stated Bob Milam, CEO of EagleClaw. “This transaction expands our business in every aspect, from asset footprint to customer diversity, while remaining true to EagleClaw’s core mission of providing best-in-class midstream service to Delaware Basin producers.”

David Foley, CEO of Blackstone Energy Partners, added, “We are very pleased with the strong operating performance of EagleClaw since the closing of our acquisition in June 2017 and its rapid growth via existing customers as well as through strategic, accretive acquisitions such as Caprock and Pinnacle. We are excited to welcome I Squared Capital to partner with us in this effort. As one of the leading global infrastructure firms, with experience in the midstream sector and substantial financial resources, I Squared Capital is an ideal partner for Blackstone and management as together we enable EagleClaw’s continued evolution into a major, fully-integrated midstream player, delivering comprehensive value-added services to Delaware Basin producers.”

“We are excited to partner with Blackstone to invest in essential midstream infrastructure transporting critical resources from the Permian Basin,” commented Adil Rahmathulla, Partner at I Squared Capital. “We share EagleClaw management’s long-term strategic vision and are committed to supporting EagleClaw’s continued success and position as the largest pure-play privately-held Delaware Basin midstream business. Pinnacle Midstream’s facilities complement the existing EagleClaw portfolio well and position it soundly for continued robust growth.”

Jefferies LLC acted as Blackstone and EagleClaw’s financial advisor in connection with the transactions. Akin Gump acted as legal counsel on the acquisition of Caprock, and Vinson & Elkins acted as legal counsel on the acquisition of Pinnacle Midstream and partnership with I Squared Capital. Goldman Sachs and Greenhill acted as financial advisors to I Squared Capital, and Sidley Austin acted as legal counsel.

About EagleClaw Midstream Ventures, LLCHeadquartered in Midland and with a core presence in Houston, EagleClaw is focused on rapid response to the midstream infrastructure requirements of Permian producers. The Company provides comprehensive gathering, transportation, compression, processing and treating services necessary to bring natural gas, natural gas liquids, and crude oil to market. EagleClaw is also partners with Targa on the Grand Prix Pipeline Project and with Kinder Morgan on the Permian Highway Pipeline Project. EagleClaw has long term dedications for almost a half million acres from a broad number of successful and active producers in the Delaware Basin. For more information, please visit www.eagleclawmidstream.com

About Blackstone Energy PartnersBlackstone Energy Partners is Blackstone’s energy-focused private equity business, with a successful record built on our industry expertise and partnerships with exceptional management teams. Blackstone has invested or committed $16 billion of equity globally across a broad range of sectors within the energy industry. Blackstone (NYSE: BX) is one of the world’s leading investment firms. Our asset management businesses, with $457 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com.

About I Squared CapitalI Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.

EQT Credit, through its Mid-Market Credit investment strategy, is pleased to confirm its support for Veritas Petroleum Services (“VPS” or the “Company”) with the commitment of a USD 95 million senior secured facility to refinance existing debt and a committed acquisition facility to back the Company’s future growth plans.

Carved out from DNV and owned by IK Investment Partners, VPS is the leading provider of marine fuel testing and bunker quantity surveys, with broad global coverage via five laboratories.

Andrew Cleland-Bogle, Director in EQT Partners’ Credit team and Investment Advisor to EQT Mid-Market Credit, commented: “VPS is the largest marine fuel testing provider globally. EQT Credit was particularly attracted by the Company’s exceptional quality offering and impressive track record of profitability that IK and the management team have achieved. We would like to thank EQT’s Industrial Advisors who, as former senior executives in the testing, inspection and certification sector, provided key support and insight to the EQT Credit deal team throughout the due diligence process.”

Paul Johnson, Partner in EQT Partners’ Credit team and Investment Advisor to EQT Mid-Market Credit, added: “VPS offers market-leading technical advice to the shipping industry and is a well-placed consolidator within its industries. EQT Credit looks forward to supporting VPS and its management team as the Company continues to execute on plans for acquisitions and expansion under IK’s ownership.”

About EQT
EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

New York, October 23, 2018 – Blackstone Energy Partners announced today that it has entered into binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies (“Ulterra” or the “Company”) from affiliates of American Securities LLC. American Securities and certain members of management will retain a minority equity interest in the Company going forward. Financial terms were not disclosed. The transaction is expected to close prior to year-end 2018.

Ulterra is the largest pure-play, independent supplier of polycrystalline diamond compact (“PDC”) drill bits to the oil and gas industry. The Company is one of the fastest growing PDC drill bit manufacturers, having more than doubled total revenue since 2016. Ulterra currently has a leading position in many of the most active U.S. onshore oil and gas basins, including the Permian and Eagle Ford, and has a growing presence internationally. Ulterra’s singular focus on PDC drilling technology allows it to deliver the highest level of customer service and customization to producers across a wide range of basins and geological formations, driving industry leading performance and durability.

The Company is led by a best-in-class management team who will continue in their current roles going forward, including Chief Executive Officer, John Clunan, and Chief Financial Officer, Maria Mejia, who are joined by a dedicated workforce of more than 600 employees worldwide. “We are very excited about having Blackstone as a partner as we enter the next phase of growth. Blackstone’s in-depth knowledge of the energy markets through their upstream and midstream companies will provide valuable insight for Ulterra. We are also excited to have American Securities continue their involvement with the company. This new team will enable the continued expansion for our people, our culture, and our partners,” said John Clunan.

From Blackstone Energy Partners
“Drill bits are a mission-critical downhole consumable product, which are poised to benefit from drilling activity, particularly in the most economic oil and gas plays in North America. Ulterra is well-positioned to serve producers in these plays given its portfolio of premium PDC drill bits that deliver best-in-class performance and reliability. We look forward to partnering with American Securities and the Ulterra team as the Company enters this next phase of growth. We believe that high-quality equipment manufacturers such as Ulterra will continue to represent attractive investment opportunities, including potential add-on acquisitions for Ulterra, or new standalone opportunities in oil field services and equipment,” said Eric Liaw, Senior Managing Director of Blackstone Energy Partners.

From American Securities
“During our partnership, John and the talented Ulterra management team have established Ulterra as a market leader through their best-in-class products and focus on customer service,” said Kevin Penn, a Managing Director of American Securities. “We continue to believe in Ulterra and are excited to remain equity holders in the Company alongside the management team and Blackstone to pursue Ulterra’s next phase of growth,” added Michael Sand, a Managing Director of American Securities.

Kirkland & Ellis served as legal counsel to Blackstone. Barclays served as financial advisor to Blackstone. Simmons & Company International, Energy Specialists of Piper Jaffray and Wells Fargo Securities, LLC acted as financial advisors to American Securities and Ulterra. Weil Gotshal & Manges LLP acted as legal counsel to American Securities and Ulterra.

About Ulterra
Headquartered in Fort Worth, Texas, Ulterra is a leading manufacturer of PDC drill bits to the oil and gas sector. The Company has nearly 250,000 square feet of engineering, manufacturing and service space in Fort Worth, Texas, Leduc, Alberta in Canada and global locations in Oman, Colombia, Argentina, Kurdistan, and is soon to open in Saudi Arabia. With locations all throughout the United States, Canada, and international, Ulterra’s field service locations are conveniently located near the drilling activity to provide direct support for your drilling operations. For more information, please visit www.ulterra.com

About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, with a successful record built on our industry expertise and partnerships with exceptional management teams. Blackstone has invested or committed over $16 billion of equity globally across a broad range of sectors within the energy industry.

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $457 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.

Sydney, 17 October 2018– DIF is pleased to announce that a consortium comprising DIF, Macquarie Capital and Phoenix Energy Australia has achieved financial close on a greenfield waste-to-energy facility in Kwinana, near Perth, Australia. DIF has acquired a 60% shareholding in the project through two of its funds: DIF Infrastructure IV and DIF Infrastructure V.

Once operational the facility will divert up to 400,000 metrics tons of household, commercial, and industrial waste from landfills each year, representing a quarter of Perth’s post-recycling rubbish. The facility will benefit from long term municipal waste supply agreements with Rivers Regional Council and the City of Kwinana, two regional councils located in the Perth region.

At the facility the waste will undergo thermal treatment, whereby the recovered energy is converted into steam to produce electricity. Metallic materials will be recovered and recycled, while other by-products of the process will be reused as construction materials. At full capacity, the facility will reduce carbon dioxide emissions by more than 200,000 metric tons per year, the equivalent of taking 43,000 cars off the road.

Acciona, a global leader in waste-to-energy facilities, will design and construct the facility. The facility will use Keppel-Seghers moving grate technology, a proven technology which is used in over 100 waste-to-energy facilities across the globe. During the construction phase, more than 800 jobs will be created including apprenticeships and a range of sub-contracting and supply opportunities for local businesses. Construction will commence this month, while start of operations is planned for the end of 2021.

Once operational Veolia, which operates over 60 waste-to-energy plants across the globe, will operate and maintain the facility under a 25-year agreement. During the operational phase approximately 60 full-time positions will be created.

Managing Director of DIF Australia, Marko Kremer, added: “DIF is excited to invest in this landmark waste-to-energy facility in Australia and looks forward to continuing its contribution to the sector going forward. European countries have long embraced the conversion of waste into energy, which has proven to deliver multiple benefits in terms of managing waste and contributing to a sustainable and secure energy supply.”

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has over 100 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please see www.dif.eu or further information on DIF.

Acquisition will support continued global growth of energy services company

London, UK, 15 October 2018 – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners. The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.

Equity for this investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in the global oil and gas sector outside North America. The Fund’s mandate includes exploration & production, mid-stream, downstream and oil field services. Credit Suisse, Lloyds and DNB have underwritten the all-senior rated loan financing the acquisition.

EnerMech provides a range of mechanical, electrical and instrumentation services to the global energy and infrastructure industries. With operations in Australia, the Americas, Europe, Middle East, Caspian, Africa and Asia, the business provides innovative integrated solutions that maximise efficiencies across multiple phases of the asset lifecycle from pre-commissioning, commissioning, maintenance and operations support, through to late life support.

Doug Duguid, CEO of EnerMech, said: “This transaction marks the beginning of a new chapter for EnerMech as we continue to develop our business, grow our global footprint and enter new markets. We are excited to be partnering with CIEP, whose expertise and track record in the energy space will provide valuable support for our strategy and next phase of growth.”

Marcel van Poecke, Head of Carlyle International Energy Partners, said: “EnerMech is an attractive, well-positioned international integrated energy, infrastructure and industrial services company, led by a strong team. The company has multiple avenues for growth. We believe potential synergies across CIEP’s portfolio companies as well as the broader Carlyle family are attractive. We look forward to working with the team and supporting EnerMech’s continued growth.”

John Reynolds, Co-Founder and Managing Director of Lime Rock Partners, said: “We have greatly valued our partnership with Doug Duguid, Michael Buchan and the entire EnerMech team as we supported the business’s growth and transformation since inception. We are confident that the company will continue to thrive under Carlyle’s ownership.”

Formed in April 2008, EnerMech provides a broad range of asset support services to the international energy and infrastructure sectors, from pre-commissioning through operations and maintenance and late-life support/decommissioning. The business is focused on offering a safer, more customer-focused, responsive service at lower cost, while delivering a much greater level of engineering and technical support than competitors can offer.

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents

Carlyle has constructed a broad-based global energy, natural resources and infrastructure platform (currently with $25 billion in assets under management and 107 active portfolio companies), consisting of International Energy, North American Energy, North American Power and Global Infrastructure.

About Carlyle International Energy Partners (CIEP)

Established in May 2013, the Carlyle International Energy Partners team focuses on oil and gas exploration and production mid- & downstream, refining and marketing and oil field services in Europe, Africa, Latin America and Asia.

The team, based in London, consists of 13 investment professionals, all with extensive international oil and gas industry investment and operational expertise. In addition to Marcel van Poecke, it includes Managing Directors Bob Maguire and Joost Dröge, both industry veterans with 55 years’ combined successful energy investing experience, as well as Paddy Spink, Senior Advisor, with 35 years’ upstream experience in Africa, Latin America & Europe. Since its inception the fund has completed nine investments.

Since its inception in 1998, Lime Rock Management has raised $8.6 billion in private equity funds and affiliated co-investment vehicles for investment in the energy industry through Lime Rock Partners, investors of growth capital in E&P and oilfield services companies in the U.S. shales and elsewhere, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. For more information, please visit: www.lrpartners.com.

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